Frost & Sullivan: Cloud-based Solutions Widen Payment Privacy Protection Market Potential

Frost & Sullivan: Cloud-based SolutionsFrost & Sullivan: Cloud-based Solutions Widen Payment Privacy Protection Market Potential PR Newswire LONDON, Jan. 21, 2014 - Proliferation of mobile data services across Europe drives demand for stronger but more convenient payment protection measures As Europe continues to witness high fraud rates, mainly during card-not- present payments, the need for robust identity access management (IAM) solutions, especially in the sensitive government, financial services, and healthcare sectors, is intensifying. The rapidly increasing uptake of mobile data services further highlights the need to comprehensively secure mobile devices. However, the rise in transactions and volume of data exchanged impacts the number of security processes required to ensure payment privacy protection as well as the total time taken to perform them. As such, the market is looking at solutions that externalise authentication and identity management to the cloud, thereby optimising cost and creating a single level of security for users globally. New analysis from Frost & Sullivan (http://www.smartcards.frost.com), Payment Privacy Protection - Global Security Implications, finds that the government and financial services market for IAM solutions will grow at a compound annual growth rate of 29.7 percent and 31.2 percent respectively during the 2012-2018 period. Most security conscious organisations today use the multi-factor authentication model.